as pre-construction sales struggle to cover building costs. Others are being completely put on hold until the market improves — progressively more of them, too.
These are buildings that have been in the works for years, and were in various stages of coming to fruition, leaving hopeful owners to wonder about the future of their units — and their financial investment. "Prices are too high for investors to buy given current resale prices, rents, and interest rates, while developers can't lower prices due to high construction costs. As a result, new condo sales — the primary driver of new home construction in Canada's largest market — have dove off a cliff to their lowest level since the late 1990s."
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